Microsoft Points will be retired as part of the next Xbox 360 system update. The next time you initiate a purchase or redeem a Microsoft Points card or code on your console with your Microsoft account, we’ll add an amount of currency equal to or greater than the Marketplace value of your Microsoft Points to your account. You can then use the currency in your Microsoft account to buy a variety of Xbox content from your favorite Xbox stores, and if you have a Windows Phone 8 device, content from the Windows Phone Store.

As it is now, 80 Microsoft Points are equal to $1. So take your total number of Microsoft Points, divide it by 80, and that’s how much money — you’ll possibly have more — will be in your Microsoft account. More detailed information can be found at this FAQ.

Editor’s note, 11 a.m.:Microsoft clarified that only a group of beta participants will receive the update that eliminates Microsoft Points today. The update will roll out gradually across members and regions “in the days ahead,” Microsoft said.

Taylor Soper is a GeekWire staff reporter who covers a wide variety of tech assignments, including emerging startups in Seattle and Portland, the sharing economy and the intersection of technology and sports. Follow him @taylor_soper and email taylor@geekwire.com.